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Product launches of the week

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25/07/2014
ASDA Money's new 'pay for what you need' home insurance policy is just one of many new financial products on offer this week.

Insurance

ASDA Money has launched a ‘pay for what you need’ home insurance policy. The product offers two levels of cover – customers can choose between £400,000 and £750,000 – and the option to add additional levels of extra cover if they so desire.

Mortgages

Virgin Money has made reductions of up to 0.40 per cent across its mortgage range. It has also removed the £30,000 threshold for its help to buy equity loan range.

Leeds Building Society has expanded its range of two year mortgages, cutting the rates on some by up to 0.25 per cent and introducing a new two year fixed rate mortgage at 65 per cent loan to value (LTV).

Skipton has lowered rates on selected residential and buy to let mortgages, including reductions on selected two, three and five year residential fixed rate mortgages up to 90 per cent LTV.

Apps

Payfriendz, the social payment app, has launched. The app makes transferring money between friends fast and easy and comes with an in-built messaging service.

Investments

Burford Capital has launched an offer of 6.5 per cent sterling bonds which will reach maturity in 2022. Interest will be paid twice yearly and the bonds can be sold at any time during their life.

Leeds Building Society has also launched a bond, this one paying a monthly income of four per cent.

Savings

Ffrees has launched an automatic ‘save £1 a day’ service, offering their current account holders the option to move £1 every day into a ring-fenced digital ‘jam jar’ within their account.

Retirement

LV= has launched a fully electronic annuity application process, the first of its kind. The paperless system simplifies the application process and reduces the time it takes for LV= to process the applications internally.

Cards

The new Cash Passport for Young Traveller Card from MasterCard is a cash card accepted globally over 37m locations.

Mobile

Tesco has launched a free 4G pay as you go package.

Deals

MightyDeals.co.uk has launched a £125,000 giveaway with Tesco, offering £10 giftcards for £5. The site has 25,000 gift cards to sell in all.

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